Japanese chain Wasabi secures £30m investment for expansion

Japanese-style grab-and-go chain Wasabi has secured a £30m investment from HSBC to support its expansion plans.

The funding will support the roll-out of new Wasabi restaurants across London, with the first opening in Russell Square this spring, as well as allowing the expansion of the brand’s Japanese and Korean bakery, Soboro.

Investment will also help improve productivity at Wasabi’s warehouse and kitchen operations site in West London.

Frederic Lluch, Wasabi managing director, said: “Continuing to drive expansion is top of our agenda and with HSBC’s support, led by our relationship director Chris Priest, the new financial year will see us increase the presence of both our brands in London. We’ll also be looking to build on our strategic partnerships as well as continuing to look at operational advancements.”

Nick Hicks, HSBC’s area director for Sussex & Surrey corporate banking centre, said: “We have forged a good relationship with the Wasabi team, supporting the company’s growth both here and in the US over the last few years. We’ve been able to draw on our global expertise to put a competitive and tailored finance package in place which we hope will help the business continue to realise its future expansion plans.”

Last month The Caterer reported Wasabi had asked existing landlords to alter rent payment agreements as it pursued expansion.

The chain, which launched in 2003 and has 51 stand-alone outlets as well as concessions in five branches of Marks & Spencer, sought to switch to monthly payment schemes.